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<br />.' <br /> <br />Ie <br /> <br />. <br /> <br />"durthermore, B private corporetion would necessarily con- <br /> <br />tinue to charge a high rate on its invested capital as long as it <br /> <br />Controlled th~ project, whereEs the Stlites of Arizona and Californi: <br /> <br />might decide tc liquidate the bonded indebtedness by easy stages, <br /> <br />aoU. undou bteclly would a ventually. \,hen this time come s, they <br /> <br /> <br />would be in a position to saIl power at cost for a do3Jlar or two <br /> <br /> <br />per h.u. year at the switchbsard, but probably they would sell it <br /> <br />at 2 profit, returning millions to their respective State Treas- <br /> <br />uries each year. <br /> <br />"Director ;)a vis estimates the firl'l't project to cost as follows~ <br /> <br />D2m <br />Power Plant <br />Tr2nsmission Lines <br /> <br />$50,000,000 <br />22,000,000 <br />18,000,000 <br />$90,000,000 <br /> <br />TOtE_1 <br /> <br />"For the cooperative plan the annual intecest charges would. <br />be, S-'3.Y seven :~r oent, or $6,300,000. He estimates such a pro- <br /> <br />ject with a dam 500 feet high and with the variable head obtain- <br /> <br />1ng, would develop more than GOO,OOO H.P. which, with the great- <br /> <br /> <br />storage back of it and wi th !i pOl'ler plant s OIJJewhat larger in cap- <br /> <br /> <br />acity than requirod for the average power, the project could be <br /> <br /> <br />malle to yiel d & i'eturn on th is amount of power annually. <br /> <br />"On this basiS, when the mar]~et is established for this amount <br /> <br />of power, it would o)~)ear that power could be readily sold at the <br /> <br />switchboar'i for under~17 lJer horsepovier year, a rema:rkabl, low <br /> <br />fi!!1Jre. hith su-osequent de"elo~ments, power could be sold for less, <br /> <br />for reasons ex?lained before. <br /> <br />P. <br />